Salgado, Lovely Jaze A.

BSA 2B
Explain and answer briefly the following questions.

1. Teresa, Olga, Pamela and Sonia, partners in TOPS Company Limited, a

trading company, have contributions of Php 50,000 each. Teresa and Olga
are general partners; Pamela, a limited partner, and Sonia a general-limited
partner. TOPS Company Limited purchased merchandise on credit from
Moret Sales Co. amounting to Php 180,000. On due date, however, TOPS
Company Limited was unable to pay. Accordingly, Moret Sales Co. filed a
case of collection against the partnership which by then has assets
amounting to Php 150,000. From whom may Moret Sales Co. collect the
sum of Php 180,000?

In this scenario, in the settlement of TOPS Company Limited

liabilities of P180,000.00, the assets of the partnership amounting to
P150,000.00 will be first exhausted. Thereafter, Morest Sales Co., as the
creditor, can collect the balance of P30,000.00 from the separate assets
of Teresa, Olga and Sonia who will be liable for P10,000.00 each. After
payment to creditors, Sonia may demand reimbursement of P10,000.00
to Teresa and Olga, because as to third persons, Sonia is a general
partner, but among the partners, she is a limited partner. At last,
Pamela will not be liable with her separate assets being a limited
partner.

2. Gregory, Edmond and Mark are partners in GEM Company with

contributions of Php 10,000, Php 40,000 and Php 50,000 respectively. Their
agreement shows that they will share in the profits of 2:3:4. During the year,
the partnership sustained a loss of Php 9,000. How shall the loss be divided
among the partners?

In this case, the loss of P9,000.00 shall be divided in the same

proportion as the share of each in the profits of 2:3:4. Therefore,
Gregory’s share is P2,000.00; Edmond’s share is P3,000.00 ; and
Mark’s share is P4,000.00.